Internationally renowned author Alice Munro died yesterday. She was 92.
The Canadian icon married Jim Munro in 1951 and the couple opened Munro's Books in 1963 on Yates Street. The store moved to its current neo-classical building on Government Street in 1984. Alice and Jim divorced in the 1970s, and Jim passed away in 2016, after helping transform Munro's Books into a landmark Victoria business that is treasured by locals and visitors alike. Although Alice never worked at the store's current location, it has been a place of pilgrimage for her fans. The store currently has a display in her honour to commemorate her passing. Alice won a Nobel Prize for Literature in 2013 and was renowned for her mastery of the short story genre. The Greater Victoria Public Library has also released a reading list titled Remembering Alice Munro. The 2024 Greater Victoria Business Awards were presented Tuesday, May 7, in front of an audience of 400 at the Lecture Theatre in the Victoria Conference Centre.
“It was an exhilarating celebration, and an exciting opportunity to shine the spotlight on Greater Victoria’s business community,” said Chamber CEO Bruce Williams. “When we showcase the finalists, there is always so much emotion in the room. I encourage everyone to check out their inspiring videos, which are available on our website and our social media channels.” The recipients distinguished themselves across 14 Business Award categories, including outstanding customer service, sustainable business practices, emerging businessperson and innovation. An independent panel of prominent business leaders chose the finalists from a wide range of entries. The prospect of home ownership for younger Canadians has a direct connection to their ability to tap into the "bank of mom and dad," Statistics Canada stated in a report released today on Intergenerational Housing Outcomes in Canada. The report said that expensive urban markets such as Victoria, Vancouver and Toronto had a higher proportion of "co-signed" mortgages involving people born in the 1990s and their parents.
"Parents' housing wealth was associated with higher property values for their children, especially in Toronto, Kelowna, Vancouver and Victoria. In these cities, children whose parents were at the top of the housing wealth distribution owned properties that were on average 29.6% to 37.4% more valuable than properties owned by people whose parents were at the bottom of the housing wealth distribution," Statistics Canada said. "These results suggest that parental property ownership affects not only children's ability to access home ownership as adults, but also the value of the properties they own and, therefore, their ability to build up greater home equity and financial assets." It's been the hot-button topic for so long, it's easy to forget just how much inflation has forever changed the cost of household budgeting.
An online tool can help track exactly how much individual goods have changed in price. The Average Retail Food Prices Data Visualization Tool is helpful to show the price increase or decrease for 105 typical grocery items. For example, the cost for one kilogram of chicken breast in BC was $18.18 in March compared to $16.71 a year earlier. Meanwhile, a 454 gram block of butter was $6.08 in March — down from $6.45 in the same month in 2023. In BC, the item that saw the largest increase in price over the last year is infant formula, which is up 24% year over year. It's not everyday that your breakfast conversation includes a candid discussion with BC's Premier about the major challenges facing business in Greater Victoria.
That was the experience yesterday for 300 people at the Victoria Conference Centre as they were able to nourish their bodies while feeding their minds. After speaking about the government's plans to support the private sector and grow BC's economy, Premier David Eby engaged in a lively discussion with Chamber CEO Bruce Williams about topics submitted by Chamber members. Community safety is top of mind for many people, and the Premier acknowledged the province is trying to find a solution for challenges facing governments around the world. The recent move to ban drug use in public spaces is an example of how government reversed course on a policy that wasn't working as intended. The long-term solution is complex, with Eby noting that a continuum of care is required for people experiencing homelessness rooted in mental health or addiction. Other topics included the province's plan to avoid disruptions to ferry sailings this summer — something that happened with alarming frequency last year — and how the province can reduce obstacles for builders so that they can increase housing supply. "The morning flew by and we could have easily kept talking all day," Chamber CEO Bruce Williams said. "I'm grateful for the Premier's time and for everyone who chose to enjoy breakfast with us. We'll keep the dialogue going between business and government and work together to find innovative solutions to the challenges facing our community." It's an election year in BC and The Chamber is working to provide opportunities for the province's main political parties to speak with the Greater Victoria business community. On Tuesday, Premier David Eby, leader of the BC NDP, spoke at a breakfast hosted by The Chamber for 300 community leaders.
On June 6, The Chamber hosts the leader of the Official Opposition, Kevin Falcon. Details about the event will be available soon. Falcon leads the BC United Party, which was formerly known as the BC Liberal Party though they represented the conservative side of the political spectrum. "The Chamber is non-partisan but we have a long history of supporting democracy," Chamber CEO Bruce Williams said. "We know BC politics can seem divisive and even confusing, but we believe hearing directly from those who seek to represent us is the best way to help voters understand what candidates stand for." Watch for more details about upcoming events ahead of the provincial election in October. On Tuesday, the provincial government released the next round of municipalities facing scrutiny to ensure they are helping increase BC's housing supply.
The next 20 priority municipalities include the following in Greater Victoria:
The first list, released last spring, included the City of Victoria, the District of Saanich and the District of Oak Bay. Each community receives a target number of total units that are expected to be built within a specific time-frame. The targets for the latest communities will be made public this summer. "The Chamber supports efforts to increase housing supply and we continue to advocate for all levels of government to smooth the process for builders so the construction work needed can be done," Chamber CEO Bruce Williams said. "I'm looking forward to speaking with Premier Eby next week at the Chamber breakfast to hear firsthand how the province is advocating for support from the federal government." The Chamber hosts Premier Eby on April 30. Register now to reserve your seat at the table. Talk is turning to action on the latest attempt to pursue municipal amalgamation. Invitations to serve on the Victoria-Saanich Citizens' Assembly have been sent to 10,000 residents in the two communities. They have until May 30 to confirm whether they will participate.
From there, 48 people will be selected through a randomized lottery process that fairly represents the population of both municipalities. Finally, the committee will come together over eight Saturdays starting in September and wrapping up in April. At that point, they will produce a report outlining the pros and cons of merging Greater Victoria's two largest municipalities. A new hub close to the "heart of Saanich" was given a key stamp of approval on Monday.
The District of Saanich has an extensive plan for the Uptown-Douglas area, which is at the crossroads of Greater Victoria's core municipalities. The area will be zoned to shape new development designed to grow the neighbourhood as a major hub north of downtown Victoria and between the West Shore and Saanich Peninsula. The plan includes turning Oak Street into a vibrant commercial district that creates a walkable boulevard between Uptown Mall and Mayfair Shopping Centre. The City of Victoria is updating its Official Community Plan this year. The province requires all BC municipalities to update their OCP every five years with a vision for the next 20 years. Victoria — facing a changing climate, growing population and a profound shortage of housing — is looking for input from the public and business community to help shape the next plan.
"Decisions on where housing, businesses and parks should go, how we move around the city and ways Victoria can respond to the climate crisis are all determined by the OCP," states the city's website. "If the City was a train, the OCP would be its conductor leading the way." Community engagement will continue until September and plans currently include an open house, a survey, pop-up events in the city and an online information session. Learn more at engage.victoria.ca/ocp. As part of the plan for transforming the Uptown corridor, the province is proposing changes to Ravine Way to accommodate new bus stops and expanded trails in the area.
An information session is scheduled for May 1, from 3-7 pm at Cedar Hill Golf Course, to review design concepts, get feedback and discuss how to improve the area for people travelling by bus, foot, bicycle, wheelchair or scooter. More spending and more taxes have many business groups concerned about the future after the federal government released its ambitious 2024 Budget yesterday.
"Canada must end the cycle of tax and spend politics," Canadian Chamber of Commerce Senior Director of Fiscal and Financial Services Policy Jessica Brandon-Jepp said. "Fueling economic growth is the key to improving quality of life and affordability for Canadians." The national chamber network opposes any measure that increases costs for businesses currently experiencing economic headwinds. We also will work with our members to understand how the increase to capital gains tax will impact business. "(The) budget contains few surprises. Most of the major new spending was announced by the government over the last few weeks, and the government’s projections for the deficit are largely in line with previous predictions," Canadian Chamber CEO Perrin Beatty said. "Our lagging productivity and stalled GDP growth means Canadians are becoming collectively poorer and working harder to just remain where they are today." New taxes will cover about $18 billion with about $57 billion in added spending:
Another successful AGM is nothing new for your 161-year-old Chamber, but the expert panel convened for yesterday's meeting could not have been more topical.
"Safe communities is a long-standing advocacy priority for us, and we know there is no simple solution," Chamber CEO Bruce Williams said. "A true fix requires a collaborative approach, though as we learned yesterday there are things we can do to improve symptoms while we work on more permanent solutions." After a series of reports of violent incidents in media, Chamber members had many questions about policing, mental health support and housing services. The need for more homes for all income levels is clear, as is a requirement for adequate health care and addiction treatment professionals. Those solutions will take time, even as the political will grows to invest in foundational change. While mistakes have been made, including in the early days of the pandemic when screening for supporting housing wasn't as closely monitored as it is now, progress is being made. The Chamber is working on policy issues such as legal reforms to keep repeat offenders off the street, and police are partnering with health authorities to enforce laws while assisting people in distress. "We can't ignore these issues facing the business community, but we also have a responsibility to not sensationalize them," Williams said. "Going Downtown is safe and our region really is one of the best cities in the world. That said, as with any city, if you don't feel safe, stay away from the few spots that are troubled, stay informed about what governments are doing and let's all be part of positive change." The slight increase to inflation reported yesterday is not outside the range that could jeopardize an anticipated interest rate cut in June.
Statistics Canada reported yesterday that the Consumer Price Index rose to 2.9% in March — up from 2.8% in February. Gas prices were the biggest reason for the rise. Without those fuel costs, March's inflation actually slowed from the previous month. "Many inflation indicators are trending in the right direction and interest rate cuts are still on the table for the Bank of Canada’s interest rate announcement in June," the Conference Board of Canada stated, adding that getting to 2% inflation target could take awhile. Many employers are forecasting wage growth and consumers still see prices rising in the months ahead. "While there is still one more CPI release to come before the Bank's next policy decision, (yesterday's) data keeps us on track to see a first rate cut at that June meeting," CIBC Executive Director of Economics Andrew Grantham said. A new waterfront neighbourhood has been proposed for the area around the Capital Iron District. In an article in the Times Colonist, Reliance Properties CEO Jon Stovell said its plan for an arts and innovation district will go before City of Victoria council on April 18.
The proposal includes preservation of heritage buildings along Store Street and 12 new buildings over two city blocks adjacent to the Upper Harbour. The area known as the Capital Iron lands is bordered by Chatham, Discovery and Government streets. If the proposal is approved, the area will be home to 500 new housing units and provide working space for 1,800 people. It will also serve as a new home for the Art Gallery of Greater Victoria. The District of Saanich's plan for the area around Uptown received a boost on Monday as the province announced it has secured land for a new transit-oriented development.
“Our communities are growing quickly, and people need affordable homes close to public transit, so they can get to where they need to go – and get ahead in life,” said BC Premier David Eby, who will be speaking to Chamber members on April 30. “This new development in Saanich will create a vibrant, connected community where people can find everything they need at their doorstep.” The land was bought by the BC Ministry of Transportation and Infrastructure’s $394-million property acquisition fund. Early plans for the area in Saanich include hundreds of new homes, public spaces and active-transportation connections. There will also be new retail and commercial spaces. Other suggested services include child care, community health and educational facilities. The development will integrate the Lochside and Galloping Goose regional trails to make it a hub for active transportation and BC Transit services, with connections to downtown Victoria, the University of Victoria, the Westshore and the Saanich Peninsula. “The Uptown-Douglas area is the perfect location for a high-density, transit-oriented development and regional transit hub that will no doubt be transformative for this community," Saanich Mayor Dean Murdock said in the news release. Luke Mari, principal of Aryze Developments commented on the announcement, saying “The best transportation plan is a land-use plan. When we put the right homes in the right places – near existing services amenities and transit – we can reduce our dependence on private car use.” Hurry up and wait. That seems to be the message from the Bank of Canada today, after it held its target for the overnight rate at 5%. The Bank's Governing Council would like to see evidence that inflation will continue to trend down before announcing cuts. Optimism remains that there will be enough evidence by the time the Bank makes its next rate announcement on June 5.
"We currently forecast a first interest rate cut in June," CIBC Executive Director of Economics Andrew Grantham said in a media release. "To steal a line from (Bank of Canada) Governor Tiff Macklem's press conference today, that outlook still appears to be within the realm of possibility." The Bank of Canada released its Business Outlook Survey as well as its Survey of Consumer Expectations this week.
The findings show that business conditions have improved in the first quarter of 2024. It's the first positive change in almost two years. The survey also found that fewer Canadian businesses are planning for a recession this year. There was more good news as labour constraints and supply chain challenges are less of a problem. However, businesses reported facing new burdens from taxes and red tape. Consumers said inflation and interest rates are affecting their household budgets, though there was less pessimism about the future of the economy and job prospects. Peter Hayman is the new leader of Vancouver Island South Film & Media Commission. Hayman will replace current film commissioner Kathleen Gilbert, who is retiring April 30.
The not-for-profit organization promotes Greater Victoria as a premier location for the international film industry. The commission has its roots as a Greater Victoria Chamber of Commerce committee, starting in 1974, before it became the Victoria Film Commission in 1983. Hayman lives in North Saanich and was a studio musician and songwriter who studied film at UCLA, and worked as a film editor, producer and director. He founded a production company and has experience integrating new and traditional media. “I look forward to sharing my own enthusiasm with those looking for the perfect place to create their film and media projects,” Hayman said in a media release. Now more than ever it is vital for governments to reduce the burden on business to spur the investments needed to increase productivity. Doing so will inoculate our economy against runaway inflation, said the Bank of Canada's Senior Deputy Governor Carolyn Rogers on March 26. "An economy with low productivity can grow only so quickly before inflation sets in. But an economy with strong productivity can have faster growth, more jobs and higher wages with less risk of inflation," Rogers said. "That’s why I want to talk about Canada’s long-standing, poor record on productivity and show you just how big the problem is. You’ve seen those signs that say, 'In emergency, break glass.' Well, it’s time to break the glass." Rogers said there was a spark of hope during the pandemic as business showed resourcefulness and ingenuity. However, unlike what is happening in the U.S., Canadian firms reverted to low levels of productivity from before the pandemic. To increase productivity, businesses and their employees need three things:
"Weak investment has been a problem in Canada for a long time. You can go back 50 years and find a persistent gap between the level of capital spending per worker by Canadian firms and the level spent by their US counterparts," Rogers said, noting it's harder for new businesses to compete and too much red tape reduces the incentive to change and evolve. "Higher productivity should be everyone’s goal because it’s how we build a better economy for everyone," she said. "When a business gives workers better tools and better training, those workers can produce more. That, in turn, means more revenue for the business, which allows it to absorb rising costs, including higher wages, without having to raise prices." The BC Provincial Nominee Program is being updated to help people new to Canada better understand what is required to be nominated for permanent residency through the BC PNP. The program is the provincial government's only tool for directly selecting immigrants for permanent residency. The program currently prioritizes workers in health care, construction, early childhood education and other in-demand jobs.
"The BC PNP is competitive, but some recruiters misrepresent it as an easy pathway to permanent residency," the provincial media release said. "These updates will give people a better understanding of the education, experience and language skills that they need to be considered for nomination. The program updates align with new measures to protect international students from predatory institutions and recruiters, such as:
"The Chamber continues to work closely with our region's post secondary schools to support their highly successful international student programs," Chamber CEO Bruce Williams said. "The University of Victoria, Camosun College and Royal Roads University have set the bar for the country when it comes to attracting and training people who contribute to our country." A recently released report by Grant Thornton says Canada's real estate industry is looking for optimism in uncertain times. The report highlights current trends impacting the real estate industry, as well as trends across residential, retail, office, industrial and alternative asset classes.
Ongoing concerns include developmental pressures created by a shortage of labour in construction, environmental challenges as governments try to meet climate change targets and stubbornly high interest rates that are dampening investment. "The general economic uncertainty we currently face has left many organizations with less appetite for risk and a resultant focus on risk management," the report states. "To secure financing, borrowers need to get out ahead of their lenders and present a balanced risk profile. It will be increasingly important to present a transparent financial picture, get to know your lenders more closely, and get in front of renewals earlier in the process so that you have time to address potential concerns. Borrowers with less liquidity or poor cash flow are going to have a more difficult time securing financing, and those that do will see less favourable terms." Canada's Finance Minister and Deputy Prime Minister Chrystia Freeland made a surprise visit to Victoria on Monday for a meeting with BC Premier David Eby. With the federal budget coming on April 16, Freeland was in town to promote her government's investment in housing across Canada. "For me, it's actually pretty simple," Freeland said at a media event ahead of her meeting with Eby. "It's housing, housing, housing. Supply, supply, supply, affordability, a strong economic plan that delivers great jobs and a real focus on younger Canadians." Freeland stated $34 million in federal funding has helped create homes in Greater Victoria — something the Greater Victoria chamber continues to call for to help our region meet the demand at the root of housing affordability. Freeland highlighted Sawyer Block on Fort Street, which has 60 rental apartments, and a project in Cook Street Village that helped build 47 rental apartments. "Through the Apartment Construction Loan Program, we will also be offering low-cost loans to post-secondary institutions — like the University of Victoria ... so that they can build more student housing on- and off-campus," Freeland said in her presentation. "This will help more students to find housing they can afford close to where they study, and at the same time, it will mean that there are more homes available for those who live in those same communities year-round." Adding on-campus housing is another long-standing chamber advocacy priority, Chamber CEO Bruce Williams said. "This is a big win for our advocacy work. We know that one of the biggest challenges for building homes in Greater Victoria is our land constraints," Williams said. "Post-secondaries have the space. They need the right financing to make housing work and this is part of that solution." Chamber members have an opportunity for a seat at the table with BC's Premier as The Chamber hosts the Hon. David Eby on April 30 for a breakfast and discussion about business in BC.
"We know our members have many questions for the Premier during this electing year, and I'm grateful for this opportunity to get answers and learn more about the government's plans to help the private sector strengthen our economy," Chamber CEO Bruce Williams said. The MLA for Vancouver-Point Grey became leader of the BC NDP in October 2022 and BC Premier in November 2022. Before he was elected, Eby was the Executive Director of the BC Civil Liberties Association, an adjunct professor of law at the University of British Columbia, and president of the HIV/AIDS Legal Network. He also served on the Vancouver Foundation's Health and Social Development Committee. Chamber events are always popular so reserve your spot now to ensure you have a seat at the table. Leading to Election: Breakfast with Premier Eby
A special roundtable held today gave Chamber members doing business in the US a chance to talk trade directly with federal Minister of Export Promotion, International Trade and Economic Development Mary Ng.
During the face-to-face meeting, the Minister said that Canadian businesses are all part of a Team Canada approach needed to remind Americans that Canadians are key customers and important allies. “The US is our closest friend and biggest trading partner. No one knows that better than Greater Victoria businesses — the US is BC’s biggest customer, importing more than $30 million in goods and services annually," Minister Ng told The Chamber after the meeting. "Through our Team Canada engagement, we are working together at all levels to make sure Canada and our relationship with the US stays centered in the minds of Americans. That effort needs the help of our businesses, like the members of the Greater Victoria Chamber of Commerce, to help highlight the incredible strength of this partnership. At the heart of this work is advancing opportunities for Canadian workers, businesses, and communities across the country and right here in BC.” Among the many questions brought up during the discussion were challenges with the development of innovative mining equipment. Canadian firms face unfair competition from some overseas companies that don't have the same strict environmental and labour standards. Minister Ng noted that the Canada United States Mexico Agreement can give BC companies an edge because it includes prohibitions against trade that involves forced labour or bad environmental practices. The Minister also heard from Chamber members who wanted help making the connections needed to get products on US shelves, as well as others asking for a better coordinated national approach to procurement and distribution of goods and services. To share questions or comments with the Minister's team, email communications@victoriachamber.ca. |
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